Market News 8-31-2018
Consumer confidence was expected to slip in August. However, it was at its highest level since October 2000 as it built on July’s solid measure. Consumer spending also increased strongly in July, pointing to solid economic growth. Inflation rose too, which could pressure rates higher in the future. Although jobless claims were up slightly last week, the underlying trend points to a robust labor market. The jobs market is viewed to be at or near full employment.
Case-Shiller data for July shows that although home prices are increasing, it’s at a slower rate. Prices rose in June at the slowest monthly pace in almost 2 years. Pending home sales were down slightly in July, the 7th straight month of annual declines. NAR says tight supply and increasing prices are to blame. Home buyers are looking for better digital resources to speed up the mortgage and home buying process. However, they also say they still want a human touch.
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